Under this assistance, members are able to utilize their funds to reduce their housing loan provided that they are the legal owners of the property.
Guidelines:
- Member(s’) will need to seek FNPF's approval for a further transfer request first before a formal application is lodged.
- Further transfers maybe considered for housing related debt reduction, provided that the member's eligibility will result in a substantial reduction in the outstanding debt.
- This scheme does NOT finance for clearance of arrears & non housing loans.
- Members shall not be entitled for any further housing transfers, if they have previously misused funds under the Village or Direct Housing Loan Schemes, unless heir previous transferred amounts are fully repaid. Incomplete Village housing transfers may be included in the FNPF charge but each case will be assessed on its own merit.
- Repayment ratio after transfer must not exceed 35% of the member’s and joint owners’ gross income per month. Managers reserve the right to consider an application where the repayment ratio is above 35% but not exceeding 45% & is dependent on the total income.
- Repayment term of the loan is to be within the member’s retirement age of 55 years, or 60 years, as approved by the Fund under certain circumstances (e.g. if a member is 45 years, his/her repayment term should not exceed 10 years or 15 years maximum).
- Applicant/joint applicant has to be legal owners of the property before FNPF could assist.
- Incomplete applications will not be accepted.
- Fully completed FNPF Forms 9G and 9H
- An original stamped copy of the title showing the latest translation certified by the Registrar of Titles (The certification should not be more than 1 month old)
- A current valuation report of the property from one of FNPF's Approved Panel of Valuers. The valuation report should not be over 5 years old.
- A copy of the banks mortgage document.
- Receipts from the relevant authority showing evidence that land rental, town or city rates are up-to-date.
- Processing fees of $30 per member.
- Copy of all loan offer & acceptance letter from the lender.
- A current statement of the housing loan account.
- Applicant’s/joint applicant’s current salary slip or evidence of income.
The amount approved will be paid to the approved lender.
Processing Time:
- Five working days for approval
- Fifteen working days from approval for legal documentation.
- Two working days from completion of legal document for payment.